You paid into Social Security your entire working life and you deserve to get the full benefits you were promised. Currently, Social Security’s primary trust fund is projected to become insolvent in 2032. Without legislative action, scheduled revenues will only cover about 78% of promised benefits, resulting in an automatic 22% benefit cut for all recipients. Congress must act to close this funding gap.

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HOW WE CLOSE THE GAP 

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The looming insolvency isn't due to the program going "broke," but rather a structural imbalance. The retiree population is exploding as Baby Boomers exit the workforce, while lower birth rates mean fewer workers are paying into the system per beneficiary.

 

• Raising the Payroll Tax Cap: Currently, workers only pay Social Security taxes on income up to a specific limit (which is adjusted annually). Eliminating or raising this cap would capture more revenue from high earners. 

• Raising the Retirement Age: As life expectancy increases, people are living longer. We can gradually increase the Full Retirement Age so that benefits are claimed later, reducing lifetime payouts. 

• Investing Trust Funds: Bipartisan proposals (such as Sen. Bill Cassidy's "big idea") explore investing a portion of the fund into stock market trust funds to build an alternative pool of money. 

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